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Digital Currency Group unveils wealth management subsidiary

Digital Currency Group (DCG), a cryptocurrency investment firm founded by Barry Silbert in 2015, has officially launched its long-heralded wealth management subsidiary. Named HQ Digital, it will offer private investments, estate planning, risk mitigation and insurance, among other services, according to its website. It will complement DCG’s existing slate of businesses, which includes asset manager Grayscale, trading business Genesis Global and news site CoinDesk.  “You could think of HQ as a re-envisioned multi-family office, but we prefer to call it …

Fireblocks pushes into NFT custody and web3 developer tools

Digital asset custody platform Fireblocks has launched a new web3 platform, with a suite of tools for developers to build DeFi, GameFi and NFT products and services. The new portal will unlock secure access to the world of decentralized applications, exchanges and NFT marketplaces for alternative asset managers and capital markets participants, the company said in a release on Tuesday. Fireblocks currently serves more than 1,200 financial institutions.  With this development, it will also offer custody of NFTs and launch …

Japan’s largest investment bank Nomura to launch crypto arm, FT reports

Quick Take Nomura plans to have around 100 people working for the new unit by the end of 2023. Last week the bank announced its first bitcoin futures and options trades.  Japanese investment bank Nomura will launch a new company focused on cryptocurrency, decentralized finance (DeFi) and non-fungible tokens (NFTs) for institutional clients, according to the Financial Times. Nomura plans to have around 100 people working for the subsidiary by the end of next year, the FT reported, citing people …

Grayscale set to roll out first European ETF

Grayscale Investments announced on Monday it is set to make a play for Europe, with its first exchange traded fund (ETF) in the region.  The product, known as the Grayscale Future of Finance UCITS ETF, tracks the investment performance of the Bloomberg Grayscale Future of Finance Index, the firm said in a release.  It seeks to offer investors exposure to companies at the intersection of finance, technology and digital assets — companies that the firm says are building the digital …

Terra-backer Galaxy Digital gives update on liquidity position

Mike Novogratz’s Galaxy Digital released a company update on Friday that gives visibility into its capital and liquidity position amid a frenzied crypto market tied to the meltdown of cryptocurrency Luna and associated algorithmic stablecoin TerraUSD (UST).  Galaxy Digital — an early backer of Terraform Labs and Luna — said in a release it “believes that the current digital asset and broader market conditions warrant providing shareholders, counterparties, and clients intra-quarter visibility regarding its capital and liquidity position, as well …

Citi, Wells Fargo join $105 million round for crypto trading infra firm Talos

Talos, a crypto trading infrastructure firm that provides tooling for institutional investors across the trade lifecycle, has raised $105 million in a Series B round as it plans global expansion. Growth investor General Atlantic led the round, with Citigroup, Wells Fargo Strategic Capital, BNY Mellon, DRW, SCB 10x, Stripes, Voyager and others joining as new investors, Talos announced on Tuesday. Previous investors, including Andreessen Horowitz (a16z), PayPal Ventures, Castle Island Ventures and Fidelity Investments, also participated in the round. The …

Crypto skeptic Nouriel Roubini announces plans for a tokenized dollar alternative

New York-based economist and cryptocurrency skeptic Nouriel Roubini says he’s working on developing a tokenized asset offering to act as a store of value — potentially replacing the US dollar’s role in the global economy. Rouibini, who is CEO of Roubini Macro Associates, is known for his bearish outlook on markets and on cryptocurrency in particular. Yet he told Bloomberg in an interview on Monday that he’s working on a tokenized dollar with the Dubai-based company he co-founded, Atlas Capital Team. …

WisdomTree positions its forthcoming crypto wallet to serve ‘the next 2 billion’

US asset manager WisdomTree hopes its forthcoming consumer-facing crypto wallet will offer an approachable experience for less tech-savvy users intimidated by the current crop. The smartphone-based wallet, known as WisdomTree Prime, was announced in January and will have a limited US launch this summer before a full roll-out across America next year, Jason Guthrie, Wisdomtree’s European head of digital asset product and head of digital assets, said in an interview with The Block. WisdomTree Prime represents a first foray into …

FTX markets guru explains why macro uncertainty strengthens crypto’s ‘supercycle thesis’

Before Jon Cheesman became the global head of FTX Access — a new division of the crypto exchange founded by billionaire Sam Bankman-Fried which caters to institutional clients – the seasoned market-veteran served as head of forex sales to banks and hedge funds in London at HSBC, spent time as a partner at crypto venture firm Distributed Global and was a VP at Goldman Sachs. Despite having over a decade of professional experience with global financial markets, Cheesman thinks we …

Jane Street makes DeFi play with planned $25 million USDC loan

Jane Street Capital, one of the world’s biggest market makers, is pushing into decentralized finance (DeFi) as it plans to borrow up to $25 million in the stablecoin USDC. According to a statement on Tuesday, the funds will be borrowed from BlockTower Capital through Clearpool, which launched in March. Clearpool is a decentralized capital markets ecosystem which provides uncollateralized liquidity from a group of lenders.  Jane Street – known for its position in markets such as exchange-traded funds and corporate …